Education Planner

See how you much you need to save for post-secondary education.
Plan for how many children?

Child 1
Education costs Child 1
Child's name
Child 1
Current age
0
Current age
Enter zero if the child is a newborn.
Start school at age
18
Years in school
4
Tuition fees
8,000
Tuition fees
Average undergraduate tuition fees for 2022/2023 by province:
  • Canada - $6,834
  • Alberta - $7,221
  • British Columbia - $6,256
  • Manitoba - $5,251
  • New Brunswick - $8,284
  • Newfoundland - $3,400
  • Nova Scotia - $9,328
  • Ontario - $7,920
  • PEI - $7,082
  • Quebec - $3,359
  • Saskatchewan - $8,854
Tuition fee inflation rate
3.00%
Tuition inflation rate
Undergraduate tuition fees increased by an average of 2.62% per year from 2006 to 2022.
Room & board
12,000
Room & board
The cost of accomodation and meals can range from $10,000 to $20,000 per school year.
Room & board inflation rate
5.00%
 
Total annual cost
20,000
RESP Savings Child 1
RESP current value
0
RESP current value
Enter the current value, including all contributions and growth.
RESP principal
0
RESP principal
Enter the total amount contributed to the RESP so far. Do not include growth or earnings.
CESG principal
0
CESP principal
Enter the total amount of CESG you have received so far. Do not include growth or earnings.
Family after-tax income
Family income
This amount is used to determine eligibility for the additional 10% in CESG.
RESP contributions
Annual RESP contribution
0
  Start contributions at age
0
Retirement Starts at Age
If already retired, enter the same age as the current age.
X
Input Error: Retirement Starts at Age
Enter a value greater than or equal to 35.
  Stop contributions at age
18
X
Input Error: Retirement Ends at Age
Enter a value greater than 65.
  Made at the start or end of the year?
Rate of return
4.00%
Change annual contribution amount?
Change Rate of Return?
Click Yes if you want to change the rate of return a few years into retirement.
New annual RESP contribution
1,500
Change at age
10
X
Input Error: Change Rate of Return Age
Enter a value between 66 and 90.
Change rate of return?
Change Rate of Return?
Click Yes if you want to change the rate of return one more time.
New rate of return
2.00%
X
Input Error: Rate of Return
Enter a value between and %
Change at age
12
X
Input Error: Change Rate of Return at Age
Enter a value between and
Single lump sum RESP contribution
0
Made at age
0
Retirement Starts at Age
If already retired, enter the same age as the current age.
X
Input Error: Retirement Starts at Age
Enter a value greater than or equal to 35.

Other Savings (non-RESP) Child 1
Current value
0
Annual contribution
0
  Start contributions at age
0
Retirement Starts at Age
If already retired, enter the same age as the current age.
X
Input Error: Retirement Starts at Age
Enter a value greater than or equal to 35.
  Stop contributions at age
18
X
Input Error: Retirement Ends at Age
Enter a value greater than 65.
Rate of return
4.00%
Single lump sum contribution
0
Made at age
18
Results Child 1
You have saved enough to reach your education savings goal
Total education costs over years
0
Annual savings needed to reach education savings goal
2,790
Approximate monthly savings needed to reach goal
232
Tables Child 1
RESP Savings
Other Savings
Child 2
Child 3
Child 4
Summary


 
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